Cutera, Inc. (NASDAQ:CUTR) Files An 8-K Results of Operations and Financial Condition
Item 9.01. Results of Operations and Financial Condition.
On January 7, 2019, the Company issued a press release disclosing preliminary, unaudited, revenues for the full-year ended December 31, 2018. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(a)Resignation of Director
On January 4, 2019 James A. Reinstein and Cutera, Inc. (the “Company”) entered into separation agreement and release (the “Separation Agreement”) whereby James A. Reinstein resigned from the Company’s board of directors (the “Board”), effective immediately. Mr. Reinstein’s resignation was not the result of any disagreement with the Company. Copies of the resignation letter and the Separation Agreement are attached hereto as Exhibits 10.1 and 10.2 respectively, and are incorporated herein by reference.
(b)Resignation of President and Chief Executive Officer
On January 4, 2019, to the Separation Agreement, James A. Reinstein also resigned from the positions of President and Chief Executive Officer of the Company. Mr. Reinstein will serve as a consultant to the Company for six months to assist with transition matters.
(c)Appointment of Interim President and Chief Executive Officer
On January 4, 2019, the Board appointed the Company’s current Chief Operating Officer, R. Jason Richey to serve as Interim President and Chief Executive Officer of the Company. Mr. Richey agreed to serve in this capacity until the Board’s appointment of a permanent President and Chief Executive Officer of the Company. Mr. Richey, age 45, has served as the Company’s Chief Operating Officer since July 2018. Prior to joining the Company, Mr. Richey served as President of North America for LivaNova, PLC, a global medical device manufacturer headquartered in London. Mr. Richey joined LivaNova from Cyberonics, Inc. upon the creation of LivaNova through a merger of Cyberonics and Sorin S.p.A. in October 2015. Together, Mr. Richey spent 17 years in various commercial and operational roles of increasing responsibility at Cyberonics and LivaNova. Prior to that, Mr. Richey held roles at B Braun Medical.
There is no arrangement or understanding between Mr. Richey and any other persons to which Mr. Richey was selected as an officer. Neither Mr. Richey nor any related person of Mr. Richey has a direct or indirect material interest in any existing or currently proposed transaction to which the Company is or may become a party. Mr. Richey does not have a family relationship with any of the executive officers or directors of the Company.
Additional information about the management changes described above is included in the Company’s press release issued on January 7, 2019, which is attached as Exhibit 99.1 to this Current Report on Form 8-K.
(e)Compensatory Arrangements of Certain Officers
On January 4, 2019, the Board upon recommendation of its Compensation Committee and in consultation with our independent compensation consultant, Compensia, Inc., approved the 2019 ManagementBonusProgram, which provides for payment of bonuses to certain executive officers and employees.
The Board formed a Search Committee consisting of Gregory Barrett and Timothy O’Shea to undertake a search for a permanent President and Chief Executive Officer for the Company, with Gregory Barrett to serve as the Chairperson.
Item 9.01. Financial Statements and Exhibits.
CUTERA INC Exhibit
EX-10.1 2 ex_132660.htm EXHIBIT 10.1 ex_132660.htm Exhibit 10.1 CUTERA,…
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About Cutera, Inc. (NASDAQ:CUTR)
Cutera, Inc. is a medical device company. The Company is engaged in the design, development, manufacture, marketing and servicing of laser and other energy-based aesthetics systems for practitioners across the world. The Company offers products based on product platforms, such as enlighten, excel HR, truSculpt, excel V and xeo, each of which enables physicians and other practitioners to perform aesthetic procedures for customers. Each of its laser and other energy-based platforms consists of one or more hand pieces and a console that incorporates a universal graphical user interface, a laser or other energy-based module, control system software and high voltage electronics. enlighten is a dual wavelength (1,064 nanometer + 532 nanometer) and dual pulse duration (750 picosecond (ps) and 2 nanosecond (ns)) laser system. excel V is a vascular and benign pigmented lesion treatment platform designed for the core-market of dermatologists and plastic surgeons.